The housing bubble crisis of 2008-2009 was predominately due to the banks over extending customers on their housing loans. The process to originate a mortgage is one to show you have sufficient means to make the monthly payments. Bankers overlooked this part of the verification and granted people who could not afford the payments. Unfortunately, those people called their mortgage servicers explaining that they cannot make the payments. Many were upset, some sold their houses, some could not sell their houses. Others found no way out other than foreclosure. I have experienced many callers and different situations customers experienced while working in the mortgage industry for years.
Of course, bankers were not the only ones at fault,
Of course, bankers were not the only ones at fault,